ACCA考试审计科目模拟测试(4)
审计实务模拟考试题+参考答案
审计实务模拟考试题+参考答案一、单选题（共40题，每题1分，共40分）1、根据控制测试的目的和特点所采用的审计抽样称为()。
A、变量抽样B、属性抽样C、非统计抽样D、统计抽样正确答案：B2、审计的最基本职能是()。
A、监督B、鉴证C、建设性D、评价正确答案：A3、被审计单位建立的以下内部控制规定中,不符合与付款业务相关规定的内部控制的是()。
A、被审计单位建立了退货管理制度,对退货条件、退货手续、货物出库、退货货款回收等作出明确规定B、被审计单位定期与供应商核对应付账款、应付票据、预付账款等往来款项C、被审计单位已到期的应付款项由主管会计办理结算与支付D、被审计单位财会部门在办理付款业务时,对采购发票、结算凭证、验收证明等相关凭证的真实性、完整性、合法性及合规性进行了严格审核正确答案：C答案解析：应付账款和应付票据的管理,由专人按照约定的付款日期、折扣条件等管理应付款项。
已到期的应付款项须经有关授权人员审批后方可办理结算与支付。
4、一般来说,( )仅和存货与仓储循环有关,而与其他任何循环无关。
A、采购材料和储存材料B、预付保险费和理赔C、加工产品和储存完工产品D、购置加工设备和维护加工设备正确答案：C5、以下程序中,属于测试采购与付款循环中内部控制“发生”认定的常用控制测试程序的是()。
A、检查企业验收单是否有缺号B、检查有无未记录的卖方发票存在C、检查付款凭单是否附有卖方发票D、审核批准采购价格和折扣的标志正确答案：C答案解析：若验收单有缺号,则可能漏记相应的购货,仅与购货记录的“完整性”认定相关联,不应选A;若有未入账的卖方发票,仍然有可能漏记购货,不应选B;若付款凭单未附卖方发票,则可能记录了未实现的购货,违反了“发生”认定,应选C;审核采购价格及折扣,与“计价和分摊”认定有关,不选D。
6、向开户银行函证,可以证实若干项目标,其中最基本的目标是( )。
A、银行存款真实性B、是否有欠银行的债务C、是否有漏列的负债D、是否有充作抵押担保的存货正确答案：A答案解析：最基本的目标是真实性。
ACCA考试审计科目模拟测试(1)
ACCA考试审计科目模拟测试（1）本文由高顿ACCA整理发布，转载请注明出处(e) Letter to Mrs KeeferDer Mrs Keefer,Internal control issues within Global-bankI have been asked by the trustees of the Shalala Pension Fund to convey our expectations of you in respect of your roles andresponsibilities in internal controls. We very much regret the circumstances that have made this reminder necessary. In linewith the COSO recommendations, the trustees of the Shalala Pension Fund expect you to adopt four major responsibilities inrespect of overseeing internal controls in Global-bank.At the outset, the trustees of the Shalala Pension Fund would like to express their disappointment that you should suggest,as you did at the recent EGM, that the loss incurred by Mr Mineta was ‘genuinely unforeseeable’. From our reading of thesituation, you are highly complicit in the loss through your failure in respect of the company’s internal controls.Ultimately, it is the chief executive of any organisation who must assume final responsibili ty for all internal controls. It is youas CEO who must assume ‘ownership’ of the systems and this ownership must be a part of the manner in which you leadthe company. In particular, this means that you must set the tone from the top in both establishing and enforcing the controlenvironment. We understand that a number of failures to return compliance information from Philos were not acted uponand this is a clear failure on head office’s part to enforce the internal control environment throughout the company. The controlenvironment is enforced through having internal control compliance embedded within the culture of the company and it was,in our view, clearly your responsibility to facilitate this. From what we can gather, the culture in the Philos office was moredriven by Mr Evora’s personality than by your imposition of norms from head office and this was clearly one of the causes ofMr Mineta’s behaviour.This setting of the tone should express itself in terms of the way that managers are treated and the way that the tone iscascaded down through the company including toindividual branch offices such as Philos and other subsidiary companiesif relevant. It seems self-evident, in hindsight, that the Philos office felt they could act in breach of the relevant internalcontrols with impunity and this most certainly should not have been allowed. Finally, as major shareholders in Global-bank,the Shalala trustees expect you to pay particular attention to those areas most vulnerable or open to damaging breaches.The financial products being traded at Philos clearly fit into this in our view as the company has demonstrated its vulnerabilityto losses on derivatives trading when inadequately controlled.In addition, I have been asked in particular to draw your attention to the failure of the company to operate an effective internalaudit function. We understand that the audit committee has been compromised by a shortage of members to the point thatits reporting was criticised by the external auditors. The Shalala Pension Fund considers the internal audit function to be animperative part of the governance structure and we are disappointed that you have seemingly failed to give it the priority itclearly deserves. We trust that recent events have reinforced this importance to yourself and other members of theGlobal-bank board.I would emphasise again the seriousness with which the trustees of the Shalala Pension Fund view your management failuresin this unhappy episode and we look forward to hearing your considered responses to the points made.Yours sincerely,M. Haber.On behalf of Shalala Pension Fund.[Tutorial note: underlined points are the CEO’s responsibilities; italicised points are the criticisms of Mrs Keefer. Allow for arange of ways of expressing these points.]2 (a) Explain ‘the public interest’Public interest concerns the overall welfare of society as well as the sectional interest of the shareholders in a particularcompany. It is generally assumed, for example, that all professional actions, whether by medical, legal or accountingprofessionals, should be for the greater good rather than for sectional interest.Accounting has a large potential impact and so the public interest ‘test’ is important. Mrs Yeo made specific reference to auditand assurance. In auditing and assurance, forexample, the working of capital markets – and hence the value of tax revenues,pensions and investment –rests upon accountants’ behaviour. In management accounting and financial management, thestability of business organisations – and hence the security of jobs and the supply of important products – also depends onthe professional behaviour of accountants.更多ACCA资讯请关注高顿ACCA官网：。
ACCA模拟试题(4)_F8
Paper F8 June 2010 Homework assignment 2 Paper F8 Audit and AssuranceHomework assignment 21.List the substantive audit procedures that you could use to gather evidencein relation to the completeness of purchases. (3 marks)2.Give two reasons for each of the following changes you identified as a resultof the substantive analytical procedures you performed during your interim audit of ABC Ltd(a)Increase in the current ratio(b)Decrease in the gross profit margin(c)Increase in the inventory holding period (6 marks)3.Explain and provide an example of the terms ‘sampling risk’ and ‘non-sampling’ risk. Explain how audit firms manage sampling risk and nonsampling risk. (6 marks)4.Explain the difference between test data and audit software (2 marks)5.Some companies count their inventory at the year end. Others count theirinventory on a regular basis throughout the year (a perpetual inventorysystem) and then place reliance on information taken from the inventorysystem for the preparation of their financial statements.Describe the advantages of a perpetual inventory system (4 marks)6.List the substantive procedures you would use to gather evidence in respectof the depreciation of tangible non current assets (3 marks)7.Describe the audit evidence provided by each of the followingconfirmations, the practical difficulties in obtaining them and the alternative audit evidence that is available when they are not provided:(a)Direct confirmation of receivables. (3 marks)(b)Confirmation of inventory held by third parties. (3 marks)(Total 30 marks)Prepared by Helena JohnsonMarch 2010。
2024年注册会计师考试审计科目试卷及解答参考
2024年注册会计师考试审计科目自测试卷(答案在后面)一、单项选择题（本大题有25小题，每小题1分，共25分）1、审计师在实施审计程序时，下列哪项程序通常属于控制测试？A、重新计算货币资金日记账的余额B、核实应收账款的款项确已收妥C、对存货进行盘点D、分析财务比率2、审计师在审计过程中，确定下列哪项误差通常会导致重大错报风险？A、零金额发票的遗漏B、个别文件的页码缺失C、时间顺序不一致的凭证D、询证函未按预期时间收到3、下列关于审计证据的相关说法中，正确的是（）。
A. 审计证据必须与审计目标相关，但与被审计单位无关B. 审计证据应当具有充分性和适当性，但充分性是核心C. 审计证据的适当性取决于证据的相关性和可靠性D. 审计证据的可靠性取决于证据的相关性和充分性4、下列关于内部控制的说法中，不正确的是（）。
A. 内部控制是组织为达到特定目的而建立的一系列制度、程序和方法B. 内部控制的目标包括保证财务报告的可靠性、运营效率和合规性C. 内部控制的有效性取决于内部控制的设计和实施情况D. 内部控制的目标是防止或发现并纠正财务报表重大错报5、注册会计师在审计过程中发现被审计单位可能存在违反法律法规行为，以下做法中不恰当的是（）。
A、确定其影响程度，并与管理层进行讨论B、考虑其重要性，并重新评估审计风险C、直接向监管机构报告，无需与管理层沟通D、考虑对审计报告的影响6、在审计过程中，注册会计师采用穿行测试来验证内部控制的有效性。
以下哪种情形表明穿行测试需要进一步的审计程序（）。
A、穿行测试表明内部控制得到了有效的执行B、穿行测试表明内部控制存在偏差或缺陷C、穿行测试在所有流程中都得到了顺利执行D、穿行测试符合预期的结果7、在审计过程中，关于应收账款的期末余额，以下哪个审计程序是优先考虑使用的？A. 对应收账款进行函证B. 分析应收账款的账龄结构C. 观察应收账款的账面记录D. 检查销售合同和发运票据8、审计师在审查内部控制时，发现以下哪种情况最有可能表明控制存在缺陷？A. 控制流程复杂，但被所有相关人员遵循B. 控制流程复杂，但有部分员工在操作中违反了规定C. 控制流程简单，且所有相关交易都得到适当记录D. 控制流程简单，但有系统错误导致一些交易未被记录9、审计人员在实施风险评估程序时，以下哪项不是了解被审计单位及其环境的重点内容？A、被审计单位的内部控制B、被审计单位的财务报表编制基础C、被审计单位的风险偏好和承受能力D、被审计单位的法律法规遵循情况 10、审计人员在执行实质性程序时，下列哪项不是控制测试的对象？A、交易B、账户余额C、列报D、披露11、以下哪项不是内部控制中的控制活动？(A)直接材料成本分配(B)未经授权的人员不得接触资产(C)对账与记账的职责分离(D)定期进行存货盘点12、在审计工作中，注册会计师获取审计证据的最直接来源是？(A)第三方机构(B)企业管理层(C)被审计单位的原始凭证和会计记录(D)专业鉴定机构13、关于审计抽样，以下说法错误的是：A. 审计抽样是一种在审计工作中用来收集和评价证据的方法。
acca的aaa的历年试题
acca的aaa的历年试题ACCA是全称为国际特许公认会计师协会（Association of Chartered Certified Accountants）。
该协会提供国际化的会计师培训和认证，被公认为会计、金融和商业领域最具权威的专业资格之一。
而AAA（Advanced Audit and Assurance）是ACCA资格考试中的一门高级审计与保证考试科目。
它对考生的审计技能、专业判断力以及道德和职业行为进行评估。
本文将通过对ACCA的AAA历年试题的分析，探讨该科目的考试重点和要点，并给出一些应对考试的有效策略。
一、试题一: 审计规范与职业操守审计规范和职业操守是AAA考试的基础和核心内容。
通过对审计准则、国际审计准则、职业道德规范等的学习，可以加深对审计规范和职业道德的理解。
二、试题二: 风险评估和控制在审计中，风险评估和控制是非常重要的环节。
考生需要了解不同类型企业的风险，并学会通过风险评估和控制方法来保护企业利益。
三、试题三: 财务报告质量保证财务报告质量保证作为审计的核心任务之一，要求审计师具备较强的技能和方法。
考生需要掌握财务报告准则和质量保证框架，了解报告编制、审计程序和审计取证等方面的要求。
四、试题四: 专项审计领域专项审计领域是AAA考试的重要内容，包括各种特殊审计和行业特定的审计。
考生需要了解各种专项审计的要求和方法，并能应用于实际的审计案例中。
五、试题五: 管理控制与审计管理控制与审计是企业内部控制的核心部分，也是审计师评估评估企业管理和财务风险的重要依据。
考生需要学习不同管理控制方法和内部审计规范，掌握评估并提供改进建议的能力。
六、试题六: 专业审计服务专业审计服务是AAA考试的拓展内容，主要包括与审计职业相关的其他专业服务。
考生需要了解和掌握相关服务的范围和适用情况，理解其与审计工作的关联性。
七、试题七: 道德、职业行为和法规道德、职业行为和法规是ACCA考试中重要的一环。
2024年注册会计师考试审计科目试卷与参考答案
2024年注册会计师考试审计科目自测试卷(答案在后面)一、单项选择题（本大题有25小题，每小题1分，共25分）1、在审计过程中，下列哪项不属于审计证据？（）A、内部审计报告B、第三方独立专家的鉴定C、被审计单位的财务报表D、被审计单位的管理层声明2、在审计过程中，下列哪项不是审计人员的职业道德要求？（）A、保持独立性B、保持公正C、保持专业胜任能力D、泄露客户信息3、在执行审计工作时，注册会计师应当对财务报表的下列哪个方面发表意见？A. 公允性B. 真实性C. 准确性D. 完整性4、以下哪项不是内部控制的目标？A. 提高运营效率和效果B. 保证财务报告的可靠性C. 确保遵守法律法规D. 直接增加公司的市场价值5、审计人员在审查甲公司2019年度的财务报表时，发现甲公司对一项长期资产的折旧政策进行了变更。
以下关于折旧政策变更的表述中，不正确的是：A、甲公司变更折旧政策是为了使财务报表更真实地反映其财务状况B、甲公司变更折旧政策是为了使财务报表更公允地反映其经营成果C、甲公司变更折旧政策是在新会计准则的要求下进行的D、甲公司变更折旧政策后，审计人员应评估变更的影响并考虑是否需要披露6、在审计过程中，审计人员发现乙公司存在一笔大额的应收账款，该笔账款已经超过信用期限但尚未收回。
以下关于该笔应收账款的处理，审计人员最应关注的是：A、乙公司是否已经采取催收措施B、乙公司是否已经计提了坏账准备C、乙公司是否对这笔账款进行了适当的披露D、乙公司是否在财务报表中确认了这笔账款7、在审计过程中，注册会计师发现被审计单位存在重大错报风险。
以下哪项措施最能直接应对这种风险？A. 增加控制测试的样本量B. 扩大实质性程序的范围C. 重新评估内部控制的有效性D. 调整财务报表整体的重要性水平8、关于函证程序的应用，下列说法正确的是：A. 对于应收账款，仅当金额较大时才需要执行函证。
B. 函证通常用于验证银行存款的存在性，但对于零余额账户则没有必要进行。
9月ACCA考试F4科目突击模拟题(4)
9月ACCA考试F4科目突击模拟题（4）4 (a) Except in relation to specifically exempted companies， such as those involved in charitable work， companies are required to indicate that they are operating on the basis of limited liability. Thus private companies are required to end their names，either with the word ‘limited’ or the abbreviation ‘ltd’， and public companies must end their names with the words ‘public limited company’ or the abbreviation ‘plc’。
Welsh companies may use the Welsh language equivalents (Companies Act (CA)2006 ss.58， 59 & 60)。
Companies Registry maintains a register of business names， and will refuse to register any company with a name that is the same as one already on that index (CA 2006 s.66)。
Certain categories of names are， subject to the decision of the Secretary of State， unacceptable per se， as follows：(i) names which in the opinion of the Secretary of State constitute a criminal offence or are offensive (CA 2006 s.53)(ii) names which are likely to give the impression that the company is connected with either government or local government authorities (s.54)。
accasbr2023年9月模拟题
ACCASBR2023年9月模拟题一、概述ACCASBR（Strategic Business Reporting）是ACCA（Association of Chartered Certified Accountants）专业会计师考试的一部分，旨在培养会计专业人士具备高水平的战略商业报告能力。
本次模拟题将涵盖ACCASBR的主要考点和重点知识，旨在帮助考生更好地理解和掌握相关知识，为顺利通过ACCASBR考试提供帮助。
二、题目分析题目一：公司治理和道德问题题目二：财务报表分析题目三：商业组合与合并财务报告题目四：员工福利和薪酬题目五：战略规划与预算控制三、解题策略1. 仔细阅读题目，审题清楚，确保准确理解题目要求和考点；2. 根据题目的命题方向，有针对性地复习相关知识点，包括相关理论、实务案例和审计准则；3. 在实际解答中，要注重逻辑性、整体性和准确性，避免主观臆断和散乱表述；4. 考试时间分配要合理，控制好答题节奏，确保每道题都有充足的时间去思考和构思答案。
四、解题详解1. 公司治理和道德问题公司治理和道德问题一直是财务会计领域的热点问题，涉及公司内部控制、董事会职责、股东权益保护等多个方面。
在解答本部分问题时，考生需注意公司治理的重要性、内部控制的作用、董事会的职责以及道德问题对企业经营的影响等方面的内容。
2. 财务报表分析财务报表分析是财务会计中的核心内容，通过分析财务报表可以评估企业的经营状况和财务健康度。
在解答本部分问题时，考生需注意财务比率分析、现金流量表分析、财务报表附注的重要性等方面的知识点，同时结合实际案例进行分析，提高解题的可信度和说服力。
3. 商业组合与合并财务报告商业组合与合并财务报告是财务会计的重要内容之一，涉及并购交易的会计处理、商誉的确认与计量等方面。
在解答本部分问题时，考生需要熟悉商业组合的会计处理方法、子公司财务报表的合并方法、商誉的测试和减值等相关知识点，并能够结合具体案例进行分析和解答。
12月ACCA考试F4练习题及答案
12月ACCA考试F4练习题及答案Additional information:In January 2009 Company A received the donation of a machine.The value added tax(VAT) invoice for the machine showed that it had cost RMB 150,000 plus VAT of RMB 20,000.No entry in respect of the donation of this machine has been recorded in the accounting system of Company A.Required:(i)Briefly explain the enterprise income tax(EIT) treatment of:-the donated machine;and-each of the items listed in Notes 1 to 3.(15 marks)(ii)Calculate the correct amount of taxable profits and the enterprise income tax(EIT) payable by Company A for the year 2009.(7 marks)(b)Company B is a resident enterprise,which was incorporated in the year 1990.The table below shows the taxable profits of Company B,as agreed by the tax bureau,for the years 2002 to 2009 inclusive.Year 2002 2003 2004 2005 2006 2007 2008 2009Taxable profits (in RMB) (900,000) 100,000 (300,000) 100,000 100,000 200,000 (100,000) 850,000Required:(i)Briefly explain the tax treatment of losses,including the period for the offset of losses;(2 marks)(ii)State,giving reasons,how much enterprise income tax(EIT)will be payable by Company B for each of the years 2008 and 2009.(4 marks)(c)Define the term'resident enterprise'for the purposes of enterprise income tax(EIT)and state the differences in the scope of the assessment of EIT for resident and non-resident enterprises.(7 marks)(35 marks)2(a)Mr Zhang,a Chinese citizen,is a University professor.He had the following income for the month of January 2009:(1)Monthly employment income of RMB 18,000 and a bonus for the year 2008 of RMB 12,000.(2)Income of RMB 18,000 for publishing a book on 6 January 2009.One of the chapters of the book was published in a magazine as a four-day series commencing on 19 January 2009 for which Mr Zhang received income of RMB 1,000 per day.(3)A net gain of RMB 12,000 from trading in the A-shares market.(4)Income of RMB 4,800 for giving four separate seminars for Enterprise X.(5)A translation fee of RMB 5,200 from a media publisher.(6)Received RMB 300,000 from the sale of the property(50 square metres)that he had lived in for six years.Mr Zhang had acquired the property for RMB 180,000.(7)Gross interest income of RMB 6,000 from a bank deposit.(8)Received RMB 11,000 as insurance compensation.Required:Calculate the individual income tax(IIT)payable(if any)by Mr Zhang on each of his items of income for the month of January2009,clearly identifying any item which is tax exempt.(10 marks)(b)Mr Smith,who is a UK national,is employed by a UK construction company to work in Shanghai on a project that will last for a period of 18 consecutive months.Required:(i)State,giving reasons,whether Mr Smith will be a resident taxpayer or a non-resident taxpayer in the PRC and the scope of his individual income tax(IIT)assessment;(2 marks)(ii)List any THREE fringe benefits that can be provided to Mr Smith that will not be subject to individual income tax(IIT)in China;(3 marks)(iii)Briefly explain the requirements for the reporting and payment of the individual income tax(IIT)due for Mr Smith if he is paid RMB 30,000 per month.(5 marks)。
ACCA F4-F9模拟题及解析(4)
ACCA F4-F9模拟题及解析（4）1、 The following trial balance relates to Quincy as at 30 September 2012:$’000 $’000Revenue (note (i)) 213,500Cost of sales 136,800Distribution costs 12,500Administrative expenses (note (ii)) 19,000Loan note interest and dividend paid (notes (ii) and (iii)) 20,700Investment income 400Equity shares of 25 cents each 60,0006% loan note (note (ii)) 25,000Retained earnings at 1 October 2011 18,500Land and buildings at cost (land element $10 million) (note (iv)) 50,000Plant and equipment at cost (note (iv)) 83,700Accumulated depreciation at 1 October 2011: buildings 8,000plant and equipment 33,700Equity financial asset investments (note (v)) 17,000Inventory at 30 September 2012 24,800Trade receivables 28,500Bank 2,900Current tax (note (vi)) 1,100Deferred tax (note (vi)) 1,200Trade payables 36,700–––––––– ––––––––397,000 397,000–––––––– –––––––– The following notes are relevant:(i) On 1 October 2011, Quincy sold one of its products for $10 million (included in revenue in the trial balance).As part of the sale agreement, Quincy is committed to the ongoing servicing of this product until 30 September2014 (i.e. three years from the date of sale). The value of this service has been included in the selling price of $10 million. The estimated cost to Quincy of the servicing is $600,000 perannum and Quincy’s normal gross profit margin on this type of servicing is 25%. Ignore discounting. (ii) Quincy issued a $25 million 6% loan note on 1 October 2011. Issue costs were $1 million and these have been charged to administrative expenses. The loan will be redeemed on 30 September 2014 at a premium which gives an effective interest rate on the loan of 8%.(iii) Quincy paid an equity dividend of 8 cents per share during the year ended 30 September 2012. (iv) Non-current assets:Quincy had been carrying land and buildings at depreciated cost, but due to a recent rise in property prices, it decided to revalue its property on 1 October 2011 to market value. An independent valuer confirmed the value of the property at $60 million (land element $12 million) as at that date and the directors accepted this valuation.The property had a remaining life of 16 years at the date of its revaluation. Quincy will make a transfer from the revaluation reserve to retained earnings in respect of the realisation of the revaluation reserve. Ignore deferred tax on the revaluation.Plant and equipment is depreciated at 15% per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset for the year ended 30 September 2012. All depreciation is charged to cost of sales.(v) The investments had a fair value of $15·7 million as at 30 September 2012. There were no acquisitions or disposals of these investments during the year ended 30 September 2012.(vi) The balance on current tax represents the under/over provision of the tax liability for the year ended 30 September 2011. A provision for income tax for the year ended 30 September 2012 of $7·4 million is required. At 30 September 2012, Quincy had taxable temporary differences of $5 million, requiring a provision for deferred tax. Any deferred tax adjustment should be reported in the income statement. The income tax rate of Quincy is 20%.Required:(a) Prepare the statement of comprehensive income for Quincy for the year ended 30 September 2012.(b) Prepare the statement of changes in equity for Quincy for the year ended 30 September 2012.(c) Prepare the statement of financial position for Quincy as at 30 September 2012.Note: Notes to the financial statements are not required.The following mark allocation is provided as guidance for this question:(a) 11 marks(b) 4 marks(c) 10 marks(25 marks)2、Quartile sells jewellery through stores in retail shopping centres throughout the country.Over the last two years it has experienced declining profitability and is wondering if this is related to the sector as whole. It has recently subscribed to an agency that produces average ratios across many businesses. Below are the ratios that have been provided by the agency for Quartile’s business sector based on a year end of 30 June 2012.Return on year-end capital employed (ROCE) 16·8% Net asset (total assets less current liabilities) turnover 1·4 timesGross profit margin 35%Operating profit margin 12%Current ratio 1·25:1Average inventory turnover 3 timesTrade payables’ payment period 64 daysDebt to equity 38%The financial statements of Quartile for the year ended 30 September 2012 are:Income statement$’000 $’000Revenue 56,000Opening inventory 8,300Purchases 43,900–––––––52,200Closing inventory (10,200) (42,000)––––––– ––––––– Gross profit 14,000Operating costs (9,800)Finance costs (800)–––––––Profit before tax 3,400Income tax expense (1,000)–––––––Profit for the year 2,400––––––– Statement of financial position$’000 $’000AssetsNon-current assetsProperty and shop fittings 25,600Deferred development expenditure 5,000–––––––30,600Current assetsInventory 10,200Bank 1,000 11,200––––––– –––––––Total assets 41,800––––––– Equity and liabilitiesEquityEquity shares of $1 each 15,000Property revaluation reserve 3,000Retained earnings 8,600–––––––26,600Non-current liabilities10% loan notes 8,000Current liabilitiesTrade payables 5,400Current tax payable 1,800 7,200––––––– –––––––Total equity and liabilities 41,800––––––– Note: The deferred development expenditure relates to an investment in a process to manufacture artificial precious gems for future sale by Quartile in the retail jewellery market. Required:(a) Prepare for Quartile the equivalent ratios that have been provided by the agency. (9 marks)(b) Assess the financial and operating performance of Quartile in comparison to its sector averages.(12 marks)(c) Explain four possible limitations of the usefulness of the above comparison. (4 marks)(25 marks)3、(a) Two of the qualitative characteristics of information contained in the HKICPA’s Conceptual Framework for Financial Reporting are understandability and comparability.Required:Explain the meaning and purpose of the above characteristics in the context of financial reporting and discuss the role of consistency within the characteristic of comparability in relation to changes in accounting policy.(6 marks)(b) Lobden is a construction contract company involved in building commercial properties. Its current policy for determining the percentage of completion of its contracts is based on the proportion of cost incurred to date compared to the total expected cost of the contract.One of Lobden’s contracts has an agreed price of $250 million and estimated total costs of $200 million.The cumulative progress of this contract is:Year ended: 30 September 2011 30 September 2012$million $millionCosts incurred 80 145Work certified and billed 75 160Billings received 70 150Based on the above, Lobden prepared and published its financial statements for the year ended 30 September2011. Relevant extracts are:Income statement$millionRevenue (balance) 100Cost of sales (80)––––Profit (50 x 80/200) 20–––– Statement of financial position $millionCurrent assetsAmounts due from customersContract costs to date 80Profit recognised 20––––100Progress billings (75)––––25–––– Contract receivables (75 – 70) 5Lobden has received some adverse publicity in the financial press for taking its profit too early in the contract process, leading to disappointing profits in the later stages of contracts. Most of Lobden’s competitors take profit based on the percentage of completion as determined by the work certified compared to the contract price.Required:(i) Assuming Lobden changes its method of determining the percentage of completion of contracts to that used by its competitors, and that this would represent a change in an accounting estimate, calculate equivalent extracts to the above for the year ended 30 September 2012; (7 marks) (ii) Explain why the above represents a change in accounting estimate rather than a change in accounting policy. (2 marks) (15 marks)4、(a) Shawler is a small manufacturing company specialising in making alloy castings. Its main item of plant is a furnace which was purchased on 1 October 2009. The furnace has two components: the main body (cost $60,000 including the environmental provision – see below) which has a ten-year life, and a replaceable liner (cost $10,000) with a five-year life.The manufacturing process produces toxic chemicals which pollute the nearby environment. Legislation requires that a clean-up operation must be undertaken by Shawler on 30 September 2019 at the latest. Shawler received a government grant of $12,000 relating to the cost of the main body of the furnace only.The following are extracts from Shawler’s statement of financial position as at 30 September 2011 (two years after the acquisition of the furnace):Carrying amount$Non-current assetsFurnace: main body 48,000replaceable liner 6,000Current liabilitiesGovernment grant 1,200Non-current liabilitiesGovernment grant 8,400Environmental provision 18,000 (present value discounted at 8% per annum)Required:(i) Prepare equivalent extracts from Shawler’s statement of financial position as at 30 September 2012;(3 marks)(ii) Prepare extracts from Shawler’s income statement for the year ended 30 September 2012 relating to the items in the statement of financial position. (3 marks)(b) On 1 April 2012, the government introduced further environmental legislation which had the effect of requiring Shawler to fit anti-pollution filters to its furnace within two years. An environmental consultant has calculated that fitting the filters will reduce Shawler’s required environmental costs (and therefore its provision) by 33%. At 30 September 2012 Shawler had not yet fitted the filters.Required:Advise Shawler as to whether they need to provide for the cost of the filters as at 30 September 2012 and whether they should reduce the environmental provision at this date. (4 marks)(10 marks)试题答案：1、(a)Quincy – Statement of comprehensive income for the year ended 30 September 2012$’000Revenue (213,500 – 1,600 (w (i))) 211,900Cost of sales (w (ii)) (147,300)––––––––Gross profit 64,600Distribution costs (12,500) Administrative expenses (19,000 – 1,000 loan issue costs (w (iv))) (18,000)Loss on fair value of equity investments (17,000 – 15,700) (1,300)Investment income 400Finance costs (w (iv)) (1,920)–––––––– Profit before tax 31,280Income tax expense (7,400 + 1,100 – 200 (w (v))) (8,300)––––––––Profit for the year 22,980Other comprehensive incomeGain on revaluation of land and buildings (w (iii)) 18,000––––––––Total comprehensive income 40,980–––––––– (b)Quincy – Statement of changes in equity for the year ended 30 September 2012Share Revaluation Retained Total capital reserve earnings equity$’000 $’000 $’000 $’000Balance at 1 October 2011 60,000 nil 18,500 78,500Total comprehensive income 18,000 22,980 40,980Transfer to retained earnings (w (iii)) (1,000) 1,000 nilDividend paid (60,000 x 4 x 8 cents) (19,200) (19,200)––––––– ––––––– ––––––– ––––––––Balance at 30 September 2012 60,000 17,000 23,280 100,280––––––– ––––––– ––––––– –––––––– (c)Quincy – Statement of financial position as at 30 September 2012Assets $’000 $’000Non-current assetsProperty, plant and equipment (57,000 + 42,500 (w (iii))) 99,500Equity financial asset investments 15,700––––––––115,200Current assetsInventory 24,800Trade receivables 28,500Bank 2,900 56,200––––––– ––––––––Total assets 171,400–––––––– Equity and liabilitiesEquityEquity shares of 25 cents each 60,000Revaluation reserve 17,000Retained earnings 23,280 40,280––––––– ––––––––100,280Non-current liabilitiesDeferred tax (w (v)) 1,000Deferred revenue (w (i)) 8006% loan note (2014) (w (iv)) 24,420 26,220–––––––Current liabilitiesTrade payables 36,700Deferred revenue (w (i)) 800Current tax payable 7,400 44,900––––––– ––––––––Total equity and liabilities 171,400–––––––– Workings (figures in brackets in $’000)(i) Sales made which include revenue for ongoing servicing work must have part of the revenue deferred. The deferred revenue must include the normal profit margin (25%) for the deferred work. At 30 September 2012, there are two more years of servicing work, thus $1·6 million ((600 x 2) x 100/75) must be treated as deferred revenue, split equally between current and non-current liabilities.(ii) Cost of sales$’000Per trial balance 136,800Depreciation of building (w (iii)) 3,000Depreciation of plant (w (iii)) 7,500––––––––147,300–––––––– (iii) Non-current assetsLand and buildings:The gain on revaluation and carrying amount of the land and buildings is:Land Building$’000 $’000Carrying amount as at 1 October 2011 10,000 (40,000 – 8,000) 32,000Revalued amount as at this date (12,000) (60,000 – 12,000) (48,000)––––––– –––––––Gain on revaluation 2,000 16,000––––––– ––––––– Building depreciation year to 30 September 2012 (48,000/16 years) 3,000The transfer from the revaluation reserve to retained earnings in respect of ‘excess’ depreciation (as the revaluation is realised) is $1 million (48,000 – 32,000)/16 years.The carrying amount at 30 September 2012 is $57 million (60,000 – 3,000).Plant and equipment:$’000Carrying amount as at 1 October 2011 (83,700 – 33,700) 50,000Depreciation at 15% per annum (7,500)–––––––Carrying amount as at 30 September 2012 42,500––––––– (iv) Loan noteThe finance cost of the loan note is charged at the effective rate of 8% applied to the carrying amount of the loan. Theissue costs of the loan ($1 million) should be deducted from the proceeds of the loan ($25 million) and not treated asan administrative expense. This gives an initial carrying amount of $24 million and a finance cost of $1,920,000(24,000 x 8%). The interest actually paid is $1·5 million (25,000 x 6%) and the difference between these amounts,of $420,000 (1,920 – 1,500), is accrued and added to the carrying amount of the loan note. This gives $24·42 million(24,000 + 420) for inclusion as a non-current liability in the statement of financial position. Note: The loan interest paid of $1·5 million plus the dividend paid of $19·2 million (see (b)) equals the $20·7 millionshown in the trial balance for these items.(v) Deferred tax$’000Provision required as at 30 September 2012 (5,000 x 20%) 1,000Less provision b/f (1,200)––––––Credit to income statement 200–––––– 2、(a) Below are the specified ratios for Quartile and (for comparison) those of the business sector average:Quartile sector averageReturn on year-end capital employed ((3,400 + 800)/(26,600 + 8,000) x 100) 12·1% 16·8%Net asset turnover (56,000/34,600) 1·6 times 1·4 timesGross profit margin (14,000/56,000 x 100) 25% 35%Operating profit margin (4,200/56,000 x 100) 7·5% 12%Current ratio (11,200:7,200) 1·6:1 1·25:1Average inventory (8,300 + 10,200/2) = 9,250) turnover (42,000/9,250) 4·5 times 3 timesTrade payables’ payment period (5,400/43,900 x 365) 45 days 64 daysDebt to equity (8,000/26,600 x 100) 30% 38%(b)Assessment of comparative performance ProfitabilityThe primary measure of profitability is the return on capital employed (ROCE) and this shows that Quartile’s 12·1% is considerably underperforming the sector average of 16·8%. Measured as a percentage, this underperformance is 28% ((16·8–12·1)/16·8). The main cause of this seems to be a much lower gross profit margin (25% compared to 35%). A possible explanation for this is that Quartile is deliberately charging a lower mark-up in order to increase its sales by undercutting the market. There is supporting evidence for this in that Quartile’s average inventory turnover at 4·5 times is 50% better than the sector average of three times. An alternative explanation could be that Quartile has had to cut its margins due to poor sales which have had a knock-on effect of having to write down closing inventory.Quartile’s lower gross profit percentage has fed through to contribute to a lower operating profit margin at 7·5% compared to the sector average of 12%. However, from the above figures, it can be deduced that Quartile’s operating costs at 17·5% (25%– 7·5%) of revenue appear to be better controlled than the sector average operating costs of 23% (35% – 12%) of revenue.This may indicate that Quartile has a different classification of costs between cost of sales and operating costs than the companies in the sector average or that other companies may be spending more on advertising/selling commissions in order to support their higher margins.The other component of ROCE is asset utilisation (measured by net asset turnover). If Quartile’s business strategy is indeed to generate more sales to compensate for lower profit margins, a higher net asset turnover would be expected. At 1·6 times,Quartile’s net asset turnover is only marginally better than the sector average of 1·4 times.Whilst this may indicate that Quartile’s strategy was a poor choice, the ratio could be partly distorted by the property revaluation and also by whether the deferred development expenditure should be included within net assets for this purpose, as the net revenues expected from the development have yet to come on stream. If these two aspects were adjusted for, Quartile’s net asset turnover would be 2·1 times (56,000/(34,600 – 5,000 – 3,000)) which is 50% better than the sector average.In summary, Quartile’s overall profitability is below that of its rival companies due to considerably lower profit margins,although this has been partly offset by generating proportionately more sales from its assets.LiquidityAs measured by the current ratio, Quartile has a higher level of cover for its current liabilities than the sector average (1·6:1 compared to 1·25:1). Quartile’s figure is nearer the ‘norm’ of expected liquidity ratios, often quoted as between 1·5 and 2:1, ith the sector average (at 1·25:1) appearing worryingly low. The problem of this ‘norm’ is that it is generally accepted that it relates to manufacturing companies rather than retail companies, as applies to Quartile (and presumably also to the sector average). In particular, retail companies have very little, if any, trade receivables as is the case with Quartile. This makes a big difference to the current ratio and makes the calculation of a quick ratio largely irrelevant. Consequently, retail companies operate comfortably with much lower current ratios as their inventory is turned directly into cash. Thus, if anything, Quartile has a higher current ratio than might be expected. As Quartile has relatively low inventory levels (deduced from high inventory turnover figures), this means it must also have relatively low levels of trade payables (which can be confirmed from the calculated ratios). The low payables period of 45 days may be an indication of suppliers being cautious with the credit period they extend to Quartile, but there is no real evidence of this (e.g. the company is not struggling with an overdraft). In short,Quartile does not appear to have any liquidity issues.GearingQuartile’s debt to equity at 30% is lower than the sector average of 38%. Although the loan note interest rate of 10% might appear quite high, it is lower than the ROCE of 12·1% (which means shareholders are benefiting from the borrowings) and the interest cover of 5·25 times ((3,400 + 800)/800) is acceptable. Quartile also has sufficient tangible assets to give more than adequate security on the borrowings, therefore there appear to be no adverse issues in relation to gearing. ConclusionQuartile may be right to be concerned about its declining profitability. From the above analysis,it seems that Quartile may be addressing the wrong market (low margins with high volumes). The information provided about its rival companies would appear to suggest that the current market appears to favour a strategy of higher margins (probably associated with better quality and more expensive goods) as being more profitable. In other aspects of the appraisal, Quartile is doing well compared to other companies in its sector.(c)Factors which may limit the usefulness of the comparison with business sector averages:It is unlikely that all the companies that have been included in the sector averages will use the same accounting policies. In the example of Quartile, it is apparent that it has revalued its property; this will increase its capital employed and (probably) lower its ROCE (compared to if it did not revalue). Other companies in the sector may carry their property at historical cost.The accounting dates may not be the same for all the companies. In this example the sector averages are for the year ended 30 June 2012, whereas Quartile’s are for the year ended 30 September 2012. If the sector is exposed to seasonal trading (although this may be unlikely for jewellery), this could have a significant impact on many ratios, in particular working capital based ratios. To allow for this, perhaps Quartile could prepare a form of adjusted financial statements to 30 June 2012.It may be that the definitions of the ratios have not been consistent across all the companies included in the sector averages (and for Quartile). This may be a particular problem with ratios like ROCE as there is no universally accepted definition. Often agencies issue guidance on how the ratios should be calculated to minimise these possible inconsistencies. Of particular relevance in this example is that it is unlikely that other jewellery retailers will have an intangible asset of deferred development expenditure.16 Sector averages are just that: averages. Many of the companies included in the sector may not be a good match to the type of business and strategy of Quartile. ‘Jewellery’ is a broad category and some companies may adopt a strategy of high-end (expensive) goods which have high mark-ups, but usually lower inventory turnover, whereas other companies may adopt astrategy of selling more affordable jewellery with lower margins in the expectation of higher volumes.Note: Other relevant examples may be acceptable, but they must relate to issues of inter-company comparison and not general issues of interpretation such as inflation distorting profit trends.3、(a)The main objective of financial statements is to provide information that is useful toa wide range of users for the purpose of making economic decisions. Therefore, it is importantthat the activities and events of the entity, as expressed within the financial statements, are understood by users, meaning that their usefulness and relevance is maximised. This can present management with a problem because clearly not all users have the same (financial) abilities and knowledge. For the purpose of understandability, management are allowed to assume users do have a reasonable knowledge of accounting and business and are prepared to study the financial statements diligently. Importantly, this characteristic cannot be used by management to avoid disclosing complex information that may be relevant in user decision-making. However, management must recognise that too much or overly complex disclosure can obscure the more important aspects of an entity’s performance, i.e. important information should not be ‘buried’ in the detail of unfathomable information.Comparability is the main tool by which users can assess the performance of an entity. This can be done through trend analysis of the same entity’s financial statements over time (say five years), or by comparing one entity with other (suitable) entities (or business sector averages) for the same time period. This means that the measurement and disclosure (classification) of like transactions should be consistent over time for the same entity, and (ideally) between different entities.Consistency and comparability are facilitated by the existence and disclosure of accounting policies. The above illustrates the close correlation between comparability and consistency. However, it is not always possible for an entity to apply the same accounting policies every year; sometimes they have to change (e.g. because of a new accounting standard or a change inlegislation). Similarly, it is not practical for accounting standards to require all entities to adopt the same accounting policies.Thus, if an entity does change an accounting policy, this breaks the principle of consistency. In such circumstances, HKFRSs normally require that any reported comparatives (previous year’s financial statements) are restated as if the new policy had been in force when those statements were originally reported. In this way, although there has been a change of policy, comparability has been maintained.It is more difficult to address the issue of consistency across entities; as already stated, accounting standards cannot prescribe the use of the same policy for all entities (this would be uniformity). However, accounting standards do prohibit certain accounting treatments (considered inappropriate or inferior) and they do require entities to disclose their accounting policies,such that users become aware of differences between entities and this may allow them to make value adjustments when comparing entities using different policies.(b) (i) Lobden’s income statement (extracts) for the year ended:30 September 2012$millionRevenue (based on work certified) (160 – 100) 60Cost of sales (balance) (48)–––Profit ((50 x 160/250) – 20) 12––– Statement of financial position (extracts) as at:30 September 2012$millionCurrent assets:Amounts due from customersContract costs to date 145Profit recognised (cumulative 20 + 12) 32––––177Progress billings (cumulative) (160)––––Amounts due from customers 17––––Contract receivables (160 – 150) 10–––– (ii) The relevant issue here is what constitutes the accounting policy for construction contracts. Where there is uncertainty in the outcome of a contract, the appropriate accounting policy would be the completed contract basis (i.e. no profit is taken until the contract is completed). Similarly, any expected losses should be recognised immediately. Where the outcome of a contract is reasonably foreseeable, the appropriate accounting policy is to accrue profits by the percentage of completion method. If this is accepted, it becomes clear that the different methods of determining the percentage of completion of construction contracts are different accounting estimates. Thus the change made by Lobden in the year to 30 September 2012 represents a change of accounting estimate. This approach complies with the guidance in HKAS 11 Construction Contracts paras 30 and 38.4、 (a) (i)Shawler statement of financial position (extract) as at 30 September 2012Carrying amount。
ACCA F4-F9模拟题及解析(4)
ACCA F4-F9模拟题及解析（4）1、 The following trial balance relates to Quincy as at 30 September 2012:$’000 $’000Revenue (note (i)) 213,500Cost of sales 136,800Distribution costs 12,500Administrative expenses (note (ii)) 19,000Loan note interest and dividend paid (notes (ii) and (iii)) 20,700Investment income 400Equity shares of 25 cents each 60,0006% loan note (note (ii)) 25,000Retained earnings at 1 October 2011 18,500Land and buildings at cost (land element $10 million) (note (iv)) 50,000Plant and equipment at cost (note (iv)) 83,700Accumulated depreciation at 1 October 2011: buildings 8,000plant and equipment 33,700Equity financial asset investments (note (v)) 17,000Inventory at 30 September 2012 24,800Trade receivables 28,500Bank 2,900Current tax (note (vi)) 1,100Deferred tax (note (vi)) 1,200Trade payables 36,700–––––––– ––––––––397,000 397,000–––––––– –––––––– The following notes are relevant:(i) On 1 October 2011, Quincy sold one of its products for $10 million (included in revenue in the trial balance).As part of the sale agreement, Quincy is committed to the ongoing servicing of this product until 30 September2014 (i.e. three years from the date of sale). The value of this service has been included in the selling price of $10 million. The estimated cost to Quincy of the servicing is $600,000 perannum and Quincy’s normal gross profit margin on this type of servicing is 25%. Ignore discounting. (ii) Quincy issued a $25 million 6% loan note on 1 October 2011. Issue costs were $1 million and these have been charged to administrative expenses. The loan will be redeemed on 30 September 2014 at a premium which gives an effective interest rate on the loan of 8%.(iii) Quincy paid an equity dividend of 8 cents per share during the year ended 30 September 2012. (iv) Non-current assets:Quincy had been carrying land and buildings at depreciated cost, but due to a recent rise in property prices, it decided to revalue its property on 1 October 2011 to market value. An independent valuer confirmed the value of the property at $60 million (land element $12 million) as at that date and the directors accepted this valuation.The property had a remaining life of 16 years at the date of its revaluation. Quincy will make a transfer from the revaluation reserve to retained earnings in respect of the realisation of the revaluation reserve. Ignore deferred tax on the revaluation.Plant and equipment is depreciated at 15% per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset for the year ended 30 September 2012. All depreciation is charged to cost of sales.(v) The investments had a fair value of $15·7 million as at 30 September 2012. There were no acquisitions or disposals of these investments during the year ended 30 September 2012.(vi) The balance on current tax represents the under/over provision of the tax liability for the year ended 30 September 2011. A provision for income tax for the year ended 30 September 2012 of $7·4 million is required. At 30 September 2012, Quincy had taxable temporary differences of $5 million, requiring a provision for deferred tax. Any deferred tax adjustment should be reported in the income statement. The income tax rate of Quincy is 20%.Required:(a) Prepare the statement of comprehensive income for Quincy for the year ended 30 September 2012.(b) Prepare the statement of changes in equity for Quincy for the year ended 30 September 2012.(c) Prepare the statement of financial position for Quincy as at 30 September 2012.Note: Notes to the financial statements are not required.The following mark allocation is provided as guidance for this question:(a) 11 marks(b) 4 marks(c) 10 marks(25 marks)2、Quartile sells jewellery through stores in retail shopping centres throughout the country.Over the last two years it has experienced declining profitability and is wondering if this is related to the sector as whole. It has recently subscribed to an agency that produces average ratios across many businesses. Below are the ratios that have been provided by the agency for Quartile’s business sector based on a year end of 30 June 2012.Return on year-end capital employed (ROCE) 16·8% Net asset (total assets less current liabilities) turnover 1·4 timesGross profit margin 35%Operating profit margin 12%Current ratio 1·25:1Average inventory turnover 3 timesTrade payables’ payment period 64 daysDebt to equity 38%The financial statements of Quartile for the year ended 30 September 2012 are:Income statement$’000 $’000Revenue 56,000Opening inventory 8,300Purchases 43,900–––––––52,200Closing inventory (10,200) (42,000)––––––– ––––––– Gross profit 14,000Operating costs (9,800)Finance costs (800)–––––––Profit before tax 3,400Income tax expense (1,000)–––––––Profit for the year 2,400––––––– Statement of financial position$’000 $’000AssetsNon-current assetsProperty and shop fittings 25,600Deferred development expenditure 5,000–––––––30,600Current assetsInventory 10,200Bank 1,000 11,200––––––– –––––––Total assets 41,800––––––– Equity and liabilitiesEquityEquity shares of $1 each 15,000Property revaluation reserve 3,000Retained earnings 8,600–––––––26,600Non-current liabilities10% loan notes 8,000Current liabilitiesTrade payables 5,400Current tax payable 1,800 7,200––––––– –––––––Total equity and liabilities 41,800––––––– Note: The deferred development expenditure relates to an investment in a process to manufacture artificial precious gems for future sale by Quartile in the retail jewellery market. Required:(a) Prepare for Quartile the equivalent ratios that have been provided by the agency. (9 marks)(b) Assess the financial and operating performance of Quartile in comparison to its sector averages.(12 marks)(c) Explain four possible limitations of the usefulness of the above comparison. (4 marks)(25 marks)3、(a) Two of the qualitative characteristics of information contained in the HKICPA’s Conceptual Framework for Financial Reporting are understandability and comparability.Required:Explain the meaning and purpose of the above characteristics in the context of financial reporting and discuss the role of consistency within the characteristic of comparability in relation to changes in accounting policy.(6 marks)(b) Lobden is a construction contract company involved in building commercial properties. Its current policy for determining the percentage of completion of its contracts is based on the proportion of cost incurred to date compared to the total expected cost of the contract.One of Lobden’s contracts has an agreed price of $250 million and estimated total costs of $200 million.The cumulative progress of this contract is:Year ended: 30 September 2011 30 September 2012$million $millionCosts incurred 80 145Work certified and billed 75 160Billings received 70 150Based on the above, Lobden prepared and published its financial statements for the year ended 30 September2011. Relevant extracts are:Income statement$millionRevenue (balance) 100Cost of sales (80)––––Profit (50 x 80/200) 20–––– Statement of financial position $millionCurrent assetsAmounts due from customersContract costs to date 80Profit recognised 20––––100Progress billings (75)––––25–––– Contract receivables (75 – 70) 5Lobden has received some adverse publicity in the financial press for taking its profit too early in the contract process, leading to disappointing profits in the later stages of contracts. Most of Lobden’s competitors take profit based on the percentage of completion as determined by the work certified compared to the contract price.Required:(i) Assuming Lobden changes its method of determining the percentage of completion of contracts to that used by its competitors, and that this would represent a change in an accounting estimate, calculate equivalent extracts to the above for the year ended 30 September 2012; (7 marks) (ii) Explain why the above represents a change in accounting estimate rather than a change in accounting policy. (2 marks) (15 marks)4、(a) Shawler is a small manufacturing company specialising in making alloy castings. Its main item of plant is a furnace which was purchased on 1 October 2009. The furnace has two components: the main body (cost $60,000 including the environmental provision – see below) which has a ten-year life, and a replaceable liner (cost $10,000) with a five-year life.The manufacturing process produces toxic chemicals which pollute the nearby environment. Legislation requires that a clean-up operation must be undertaken by Shawler on 30 September 2019 at the latest. Shawler received a government grant of $12,000 relating to the cost of the main body of the furnace only.The following are extracts from Shawler’s statement of financial position as at 30 September 2011 (two years after the acquisition of the furnace):Carrying amount$Non-current assetsFurnace: main body 48,000replaceable liner 6,000Current liabilitiesGovernment grant 1,200Non-current liabilitiesGovernment grant 8,400Environmental provision 18,000 (present value discounted at 8% per annum)Required:(i) Prepare equivalent extracts from Shawler’s statement of financial position as at 30 September 2012;(3 marks)(ii) Prepare extracts from Shawler’s income statement for the year ended 30 September 2012 relating to the items in the statement of financial position. (3 marks)(b) On 1 April 2012, the government introduced further environmental legislation which had the effect of requiring Shawler to fit anti-pollution filters to its furnace within two years. An environmental consultant has calculated that fitting the filters will reduce Shawler’s required environmental costs (and therefore its provision) by 33%. At 30 September 2012 Shawler had not yet fitted the filters.Required:Advise Shawler as to whether they need to provide for the cost of the filters as at 30 September 2012 and whether they should reduce the environmental provision at this date. (4 marks)(10 marks)试题答案：1、(a)Quincy – Statement of comprehensive income for the year ended 30 September 2012$’000Revenue (213,500 – 1,600 (w (i))) 211,900Cost of sales (w (ii)) (147,300)––––––––Gross profit 64,600Distribution costs (12,500) Administrative expenses (19,000 – 1,000 loan issue costs (w (iv))) (18,000)Loss on fair value of equity investments (17,000 – 15,700) (1,300)Investment income 400Finance costs (w (iv)) (1,920)–––––––– Profit before tax 31,280Income tax expense (7,400 + 1,100 – 200 (w (v))) (8,300)––––––––Profit for the year 22,980Other comprehensive incomeGain on revaluation of land and buildings (w (iii)) 18,000––––––––Total comprehensive income 40,980–––––––– (b)Quincy – Statement of changes in equity for the year ended 30 September 2012Share Revaluation Retained Total capital reserve earnings equity$’000 $’000 $’000 $’000Balance at 1 October 2011 60,000 nil 18,500 78,500Total comprehensive income 18,000 22,980 40,980Transfer to retained earnings (w (iii)) (1,000) 1,000 nilDividend paid (60,000 x 4 x 8 cents) (19,200) (19,200)––––––– ––––––– ––––––– ––––––––Balance at 30 September 2012 60,000 17,000 23,280 100,280––––––– ––––––– ––––––– –––––––– (c)Quincy – Statement of financial position as at 30 September 2012Assets $’000 $’000Non-current assetsProperty, plant and equipment (57,000 + 42,500 (w (iii))) 99,500Equity financial asset investments 15,700––––––––115,200Current assetsInventory 24,800Trade receivables 28,500Bank 2,900 56,200––––––– ––––––––Total assets 171,400–––––––– Equity and liabilitiesEquityEquity shares of 25 cents each 60,000Revaluation reserve 17,000Retained earnings 23,280 40,280––––––– ––––––––100,280Non-current liabilitiesDeferred tax (w (v)) 1,000Deferred revenue (w (i)) 8006% loan note (2014) (w (iv)) 24,420 26,220–––––––Current liabilitiesTrade payables 36,700Deferred revenue (w (i)) 800Current tax payable 7,400 44,900––––––– ––––––––Total equity and liabilities 171,400–––––––– Workings (figures in brackets in $’000)(i) Sales made which include revenue for ongoing servicing work must have part of the revenue deferred. The deferred revenue must include the normal profit margin (25%) for the deferred work. At 30 September 2012, there are two more years of servicing work, thus $1·6 million ((600 x 2) x 100/75) must be treated as deferred revenue, split equally between current and non-current liabilities.(ii) Cost of sales$’000Per trial balance 136,800Depreciation of building (w (iii)) 3,000Depreciation of plant (w (iii)) 7,500––––––––147,300–––––––– (iii) Non-current assetsLand and buildings:The gain on revaluation and carrying amount of the land and buildings is:Land Building$’000 $’000Carrying amount as at 1 October 2011 10,000 (40,000 – 8,000) 32,000Revalued amount as at this date (12,000) (60,000 – 12,000) (48,000)––––––– –––––––Gain on revaluation 2,000 16,000––––––– ––––––– Building depreciation year to 30 September 2012 (48,000/16 years) 3,000The transfer from the revaluation reserve to retained earnings in respect of ‘excess’ depreciation (as the revaluation is realised) is $1 million (48,000 – 32,000)/16 years.The carrying amount at 30 September 2012 is $57 million (60,000 – 3,000).Plant and equipment:$’000Carrying amount as at 1 October 2011 (83,700 – 33,700) 50,000Depreciation at 15% per annum (7,500)–––––––Carrying amount as at 30 September 2012 42,500––––––– (iv) Loan noteThe finance cost of the loan note is charged at the effective rate of 8% applied to the carrying amount of the loan. Theissue costs of the loan ($1 million) should be deducted from the proceeds of the loan ($25 million) and not treated asan administrative expense. This gives an initial carrying amount of $24 million and a finance cost of $1,920,000(24,000 x 8%). The interest actually paid is $1·5 million (25,000 x 6%) and the difference between these amounts,of $420,000 (1,920 – 1,500), is accrued and added to the carrying amount of the loan note. This gives $24·42 million(24,000 + 420) for inclusion as a non-current liability in the statement of financial position. Note: The loan interest paid of $1·5 million plus the dividend paid of $19·2 million (see (b)) equals the $20·7 millionshown in the trial balance for these items.(v) Deferred tax$’000Provision required as at 30 September 2012 (5,000 x 20%) 1,000Less provision b/f (1,200)––––––Credit to income statement 200–––––– 2、(a) Below are the specified ratios for Quartile and (for comparison) those of the business sector average:Quartile sector averageReturn on year-end capital employed ((3,400 + 800)/(26,600 + 8,000) x 100) 12·1% 16·8%Net asset turnover (56,000/34,600) 1·6 times 1·4 timesGross profit margin (14,000/56,000 x 100) 25% 35%Operating profit margin (4,200/56,000 x 100) 7·5% 12%Current ratio (11,200:7,200) 1·6:1 1·25:1Average inventory (8,300 + 10,200/2) = 9,250) turnover (42,000/9,250) 4·5 times 3 timesTrade payables’ payment period (5,400/43,900 x 365) 45 days 64 daysDebt to equity (8,000/26,600 x 100) 30% 38%(b)Assessment of comparative performance ProfitabilityThe primary measure of profitability is the return on capital employed (ROCE) and this shows that Quartile’s 12·1% is considerably underperforming the sector average of 16·8%. Measured as a percentage, this underperformance is 28% ((16·8–12·1)/16·8). The main cause of this seems to be a much lower gross profit margin (25% compared to 35%). A possible explanation for this is that Quartile is deliberately charging a lower mark-up in order to increase its sales by undercutting the market. There is supporting evidence for this in that Quartile’s average inventory turnover at 4·5 times is 50% better than the sector average of three times. An alternative explanation could be that Quartile has had to cut its margins due to poor sales which have had a knock-on effect of having to write down closing inventory.Quartile’s lower gross profit percentage has fed through to contribute to a lower operating profit margin at 7·5% compared to the sector average of 12%. However, from the above figures, it can be deduced that Quartile’s operating costs at 17·5% (25%– 7·5%) of revenue appear to be better controlled than the sector average operating costs of 23% (35% – 12%) of revenue.This may indicate that Quartile has a different classification of costs between cost of sales and operating costs than the companies in the sector average or that other companies may be spending more on advertising/selling commissions in order to support their higher margins.The other component of ROCE is asset utilisation (measured by net asset turnover). If Quartile’s business strategy is indeed to generate more sales to compensate for lower profit margins, a higher net asset turnover would be expected. At 1·6 times,Quartile’s net asset turnover is only marginally better than the sector average of 1·4 times.Whilst this may indicate that Quartile’s strategy was a poor choice, the ratio could be partly distorted by the property revaluation and also by whether the deferred development expenditure should be included within net assets for this purpose, as the net revenues expected from the development have yet to come on stream. If these two aspects were adjusted for, Quartile’s net asset turnover would be 2·1 times (56,000/(34,600 – 5,000 – 3,000)) which is 50% better than the sector average.In summary, Quartile’s overall profitability is below that of its rival companies due to considerably lower profit margins,although this has been partly offset by generating proportionately more sales from its assets.LiquidityAs measured by the current ratio, Quartile has a higher level of cover for its current liabilities than the sector average (1·6:1 compared to 1·25:1). Quartile’s figure is nearer the ‘norm’ of expected liquidity ratios, often quoted as between 1·5 and 2:1, ith the sector average (at 1·25:1) appearing worryingly low. The problem of this ‘norm’ is that it is generally accepted that it relates to manufacturing companies rather than retail companies, as applies to Quartile (and presumably also to the sector average). In particular, retail companies have very little, if any, trade receivables as is the case with Quartile. This makes a big difference to the current ratio and makes the calculation of a quick ratio largely irrelevant. Consequently, retail companies operate comfortably with much lower current ratios as their inventory is turned directly into cash. Thus, if anything, Quartile has a higher current ratio than might be expected. As Quartile has relatively low inventory levels (deduced from high inventory turnover figures), this means it must also have relatively low levels of trade payables (which can be confirmed from the calculated ratios). The low payables period of 45 days may be an indication of suppliers being cautious with the credit period they extend to Quartile, but there is no real evidence of this (e.g. the company is not struggling with an overdraft). In short,Quartile does not appear to have any liquidity issues.GearingQuartile’s debt to equity at 30% is lower than the sector average of 38%. Although the loan note interest rate of 10% might appear quite high, it is lower than the ROCE of 12·1% (which means shareholders are benefiting from the borrowings) and the interest cover of 5·25 times ((3,400 + 800)/800) is acceptable. Quartile also has sufficient tangible assets to give more than adequate security on the borrowings, therefore there appear to be no adverse issues in relation to gearing. ConclusionQuartile may be right to be concerned about its declining profitability. From the above analysis,it seems that Quartile may be addressing the wrong market (low margins with high volumes). The information provided about its rival companies would appear to suggest that the current market appears to favour a strategy of higher margins (probably associated with better quality and more expensive goods) as being more profitable. In other aspects of the appraisal, Quartile is doing well compared to other companies in its sector.(c)Factors which may limit the usefulness of the comparison with business sector averages:It is unlikely that all the companies that have been included in the sector averages will use the same accounting policies. In the example of Quartile, it is apparent that it has revalued its property; this will increase its capital employed and (probably) lower its ROCE (compared to if it did not revalue). Other companies in the sector may carry their property at historical cost.The accounting dates may not be the same for all the companies. In this example the sector averages are for the year ended 30 June 2012, whereas Quartile’s are for the year ended 30 September 2012. If the sector is exposed to seasonal trading (although this may be unlikely for jewellery), this could have a significant impact on many ratios, in particular working capital based ratios. To allow for this, perhaps Quartile could prepare a form of adjusted financial statements to 30 June 2012.It may be that the definitions of the ratios have not been consistent across all the companies included in the sector averages (and for Quartile). This may be a particular problem with ratios like ROCE as there is no universally accepted definition. Often agencies issue guidance on how the ratios should be calculated to minimise these possible inconsistencies. Of particular relevance in this example is that it is unlikely that other jewellery retailers will have an intangible asset of deferred development expenditure.16 Sector averages are just that: averages. Many of the companies included in the sector may not be a good match to the type of business and strategy of Quartile. ‘Jewellery’ is a broad category and some companies may adopt a strategy of high-end (expensive) goods which have high mark-ups, but usually lower inventory turnover, whereas other companies may adopt astrategy of selling more affordable jewellery with lower margins in the expectation of higher volumes.Note: Other relevant examples may be acceptable, but they must relate to issues of inter-company comparison and not general issues of interpretation such as inflation distorting profit trends.3、(a)The main objective of financial statements is to provide information that is useful toa wide range of users for the purpose of making economic decisions. Therefore, it is importantthat the activities and events of the entity, as expressed within the financial statements, are understood by users, meaning that their usefulness and relevance is maximised. This can present management with a problem because clearly not all users have the same (financial) abilities and knowledge. For the purpose of understandability, management are allowed to assume users do have a reasonable knowledge of accounting and business and are prepared to study the financial statements diligently. Importantly, this characteristic cannot be used by management to avoid disclosing complex information that may be relevant in user decision-making. However, management must recognise that too much or overly complex disclosure can obscure the more important aspects of an entity’s performance, i.e. important information should not be ‘buried’ in the detail of unfathomable information.Comparability is the main tool by which users can assess the performance of an entity. This can be done through trend analysis of the same entity’s financial statements over time (say five years), or by comparing one entity with other (suitable) entities (or business sector averages) for the same time period. This means that the measurement and disclosure (classification) of like transactions should be consistent over time for the same entity, and (ideally) between different entities.Consistency and comparability are facilitated by the existence and disclosure of accounting policies. The above illustrates the close correlation between comparability and consistency. However, it is not always possible for an entity to apply the same accounting policies every year; sometimes they have to change (e.g. because of a new accounting standard or a change inlegislation). Similarly, it is not practical for accounting standards to require all entities to adopt the same accounting policies.Thus, if an entity does change an accounting policy, this breaks the principle of consistency. In such circumstances, HKFRSs normally require that any reported comparatives (previous year’s financial statements) are restated as if the new policy had been in force when those statements were originally reported. In this way, although there has been a change of policy, comparability has been maintained.It is more difficult to address the issue of consistency across entities; as already stated, accounting standards cannot prescribe the use of the same policy for all entities (this would be uniformity). However, accounting standards do prohibit certain accounting treatments (considered inappropriate or inferior) and they do require entities to disclose their accounting policies,such that users become aware of differences between entities and this may allow them to make value adjustments when comparing entities using different policies.(b) (i) Lobden’s income statement (extracts) for the year ended:30 September 2012$millionRevenue (based on work certified) (160 – 100) 60Cost of sales (balance) (48)–––Profit ((50 x 160/250) – 20) 12––– Statement of financial position (extracts) as at:30 September 2012$millionCurrent assets:Amounts due from customersContract costs to date 145Profit recognised (cumulative 20 + 12) 32––––177Progress billings (cumulative) (160)––––Amounts due from customers 17––––Contract receivables (160 – 150) 10–––– (ii) The relevant issue here is what constitutes the accounting policy for construction contracts. Where there is uncertainty in the outcome of a contract, the appropriate accounting policy would be the completed contract basis (i.e. no profit is taken until the contract is completed). Similarly, any expected losses should be recognised immediately. Where the outcome of a contract is reasonably foreseeable, the appropriate accounting policy is to accrue profits by the percentage of completion method. If this is accepted, it becomes clear that the different methods of determining the percentage of completion of construction contracts are different accounting estimates. Thus the change made by Lobden in the year to 30 September 2012 represents a change of accounting estimate. This approach complies with the guidance in HKAS 11 Construction Contracts paras 30 and 38.4、 (a) (i)Shawler statement of financial position (extract) as at 30 September 2012Carrying amount。
ACCA P4-P7模拟题及解析(4)
ACCA P4-P7模拟题及解析（4）1.(a)You are an audit manager in Weller & Co, an audit firm which operates as part of an international network of firms. This morning you received a note from a partner regarding a potential new audit client:‘I have been approached by the audit committee of the Plant Group, which operates in the mobile telecommunications sector. Our firm has been invited to tender for the audit of the individual and group financial statements for the year ending 31 March 2013, and I would like your help in preparing the tender document.This would be a major new client for our firm’s telecoms audit department.The Plant Group comprises a parent company and six subsidiaries, one of which is located overseas. The audit committee is looking for a cost effective audit, and hopes that the strength of the Plant Group’s governance and internal control mean that the audit can be conducted quickly, with a proposed deadline of 31 May 2013. The Plant Group has expanded rapidly in the last few years and significant finance was raised in July 2012 through a stock exchange listing.’ Required:Identify and explain the specific matters to be included in the tender document for the audit of the Plant Group. (8 marks)(b) Weller & Co is facing competition from other audit firms, and the partners have been considering how the firm’s revenue could be increased. Two suggestions have been made:1. Audit partners and managers can be encouraged to sell non-audit services to audit clients by including in their remuneration package a bonus for successful sales.2. All audit managers should suggest to their audit clients that as well as providing the external audit service,Weller & Co can provide the internal audit service as part of an ‘extended audit’service.Required:Comment on the ethical and professional issues raised by the suggestions to increase the firm’s revenue.(8 marks)(16 marks)2.(a)‘Revenue recognition should always be approached as a high risk area of the audit.’ Required:Discuss this statement. (6 marks)(b)You are a manager in Beck & Co, responsible for the audit of Kobain Co, a new audit client of your firm, with a inancial year ended 31 July 2012. Kobain Co’s draft financial statementsrecognise total assets of $55 million,and profit before tax of $15 million. The audit is nearing completion and you are reviewing the audit files.Kobain Co designs and creates high-value items of jewellery. Approximately half of the jewellery is sold in Kobain Co’s own retail outlets. The other half is sold by external vendors under a consignment stock arrangement, the terms of which specify that Kobain Co retains the ability to change the selling price of the jewellery, and that the vendor is required to return any unsold jewellery after a period of nine months. When the vendor sells an item of jewellery to a customer, legal title passes from Kobain Co to the customer.On delivery of the jewellery to the external vendors, Kobain Co recognises revenue and derecognises inventory. At 31 July 2012, jewellery at cost price of $3 million is held at external vendors. Revenue of $4 million has been recognised in respect of this jewellery.Required:Comment on the matters that should be considered, and explain the audit evidence you should expect to find in your file review in respect of the consignment stock arrangement. (6 marks)(c) Your firm also performs the audit of Jarvis Co, a company which installs windows. Jarvis Co uses sales representatives to make direct sales to customers. The sales representatives earn a small salary, and also earn a sales commission of 20% of the sales they generate.Jarvis Co’s sales manager has discovered that one of the sales representatives has been operating a fraud, in which he was submitting false claims for sales commission based on non-existent sales. The sales representative started to work at Jarvis Co in January 2012. The forensic investigation department of your firm has been engaged to quantify the amount of the fraud.Required:Recommend the procedures that should be used in the forensic investigation to quantify the amount of the fraud. (4 marks) (16 marks)3.(a)You are the manager responsible for the audit of Dylan Co, a listed company, and you are reviewing the working papers of the audit file for the year ended 30 September 2012. The audit senior has left a note for your attention:‘Dylan Co outsources its entire payroll, invoicing and credit control functions to Hendrix Co. In August 2012,Hendrix Co suffered a computer virus attack on its operating system, resulting in the destruction of its accounting records, including those relating to Dylan Co. We have therefore been unable to perform the planned audit procedures on payroll, revenue and receivables, all of which are material to the financial statements. Hendrix Co has manually reconstructed the relevant figures as far as possible, and has supplied a written statement to confirm that they are as accurateas possible, given the loss of accounting records.’Required:(i) Comment on the actions that should be taken by the auditor, and the implications for the auditor’s report; (7 marks)(ii) Discuss the quality control procedures that should be carried out by the audit firm prior to the audit report being issued. (3 marks)(b)You are also responsible for the audit of Squire Co, a listed company, and you are completing the review of its interim financial information for the six months ended 31 October 2012. Squire Co is a car manufacturer, and historically has offered a three-year warranty on cars sold. The financial statements for the year ended 30 April 2012 included a warranty provision of $1·5 million and recognised total assets of $27·5 million. You are aware that on 1 July 2012, due to cost cutting measures, Squire Co stopped offering warranties on cars sold. The financial statements for the six months ended 31 October 2012 do not recognise any warranty provision. Total assets are $30 million at 31 October 2012.Required:Assess the matters that should be considered in forming a conclusion on Squire Co’s interim financial statements, and the implications for the review report. (6 marks) (16 marks)试题答案：略参与ACCA考试的考生可按照复习计划有效进行，另外高顿网校官网ACCA考试辅导高清课程已经开通，还可索取ACCA考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升复习备考效果。
acca设计考试科目一模拟试题及答案
acca设计考试科目一模拟试题及答案ACCA设计考试科目一模拟试题及答案一、选择题（每题1分，共20分）1. 根据ACCA准则，以下哪项不是会计信息质量要求？A. 可靠性B. 相关性C. 及时性D. 可比性答案：C2. 在财务报表中，以下哪项属于非流动资产？A. 存货B. 应收账款C. 固定资产D. 现金及现金等价物答案：C3. 以下哪项不是财务报表的组成部分？A. 资产负债表B. 利润表C. 现金流量表D. 预算表答案：D4. 根据权责发生制原则，以下哪项交易应该在发生时确认？A. 收到现金B. 销售商品C. 支付工资D. 收到发票答案：B5. 以下哪项不是财务报表分析的目的？A. 评估企业的盈利能力B. 评估企业的流动性C. 评估企业的市场价值D. 评估企业的长期偿债能力答案：C...（此处省略其他选择题）二、简答题（每题5分，共30分）1. 解释什么是会计政策，并给出两个例子。
答案：会计政策是指企业在编制财务报表时所采用的具体会计原则和方法。
例如，存货的计价方法（先进先出或加权平均法）和固定资产的折旧方法（直线法或双倍余额递减法）。
2. 什么是现金流量表？它在财务分析中的作用是什么？答案：现金流量表是一份记录企业在一定时期内现金和现金等价物流入和流出情况的财务报表。
它的作用在于帮助分析者了解企业的现金流动性、偿债能力和财务健康状况。
...（此处省略其他简答题）三、计算题（每题10分，共30分）1. 假设某公司本年度的营业收入为500,000元，营业成本为300,000元，销售和管理费用为100,000元，利息费用为20,000元，税收为50,000元。
请计算该公司的净利润。
答案：净利润 = 营业收入 - 营业成本 - 销售和管理费用 - 利息费用 - 税收 = 500,000 - 300,000 - 100,000 - 20,000 - 50,000 = 30,000元。
2. 如果上述公司有100,000元的应收账款和50,000元的存货，计算其流动资产总额。
ACCA英国注册会计师(F4)Chapter 4题库大全
ACCA英国注册会计师（F4）Chapter 4题库大全姓名:_____________ 年级:____________ 学号:______________1、Past consideration, as a general rule, is not sufficient to make a promise binding.ATrueBFalse答案解析：True. Past consideration is not valid consideration for a new contract.2、Which of the following statements regarding the adequacy and sufficiency of consideration is correct?AConsideration does not need to be sufficient but must be adequateBConsideration does not need to have a value to be sufficientCConsideration is sufficient if it has an identifiable value答案解析：Consideration must be sufficient but not necessarily adequate. It must have some identifiable value to be sufficient.3、Which of the following statements regarding consideration is correct?AConsideration can be in the form of any act, even if that act is impossible to perform BPerformance of an illegal act is valid considerationCPast consideration is sufficient to create liability on a bill of exchangeDSuffering some loss or detriment is not valid consideration答案解析：Past consideration is sufficient to create liability on a bill of exchange – this is one of the few exceptions to the rule on past consideration. Suffering loss or detriment is valid consideration. Impossible or illegal acts are not valid consideration.4、Which of the following is executed consideration?AProviding goods in return for payment at the same timeBA promise of payment in return for the provision of goods at a later dateCA promise to pay for work already carried out答案解析：Executed consideration takes place at the same time. Executory consideration takes place at a future date. Past consideration is something that has already been done.5、Which of the following statements regarding the adequacy and sufficiency of consideration is correct?AConsideration does not need to have a value to be sufficientBConsideration is sufficient if it has some economic valueCConsideration does not need to be sufficient but must be adequate答案解析：Consideration must be sufficient but not necessarily adequate. It must have some economic value to be sufficient.6、 Which of the following is true regarding privity of contract?AThird parties to a contract generally have enforceable rights under itBOnly parties to a contract generally have enforceable rights under itCPrivity of contract only relates to rights under a contract, not obligations答案解析：Privity of contract means that only parties to a contract have enforceable rights under it. The concept applies to both rights and obligations under a contract. Generally, third parties do not have enforceable rights under a contract.7、 Which of the following is NOT an exception to the rule of privity of contract?AA third party to a contract can sue for losses they incur under a contract if l Two exceptions to the rule of privity of contract are that a third party can sue for foreseeable losses they incur and if an implied trust has been created.8、 Which of the following statements regarding intention to create legal relations is correct?ASocial arrangements are generally intended to be legally bindingBCommercial arrangements are generally not intended to be legally bindingCA contract will be legally binding if both parties intended it to be so答案解析：The presumption is that social arrangements are not intended to be legally binding and commercial arrangements are intended to be legally binding. However, this presumption is rebuttable and a contract will be legally binding if both parties intended it to be so.9、 Which of the following indicates that the parties intend to be legally bound?AA letter of comfortBAn agreement between a husband and wife to transfer property between themCAn agreement ‘binding in honour only’答案解析：The courts are very ready to impute an intention to be legally bound where a husband and wife agr ee to transfer property between them. Letters of comfort and transactions ‘binding in honour only’ both indicate there is no intention to be legally bound.10、Which of the following is a correct rule for valid consideration?AConsideration must pass from the promiseeBConsideration must be adequateCPast consideration is generally valid considerationDExecutory consideration is generally not valid consideration答案解析：Consideration must pass from the promisee. It must be sufficient but not necessarily adequate. Pastconsideration is generally not valid consideration. Executory consideration is generally validconsideration.11、12、Which of the following statements is true of consideration?APast consideration is sufficient to create liability on l答案解析：Past consideration is sufficient to create liability on a bill of exchange – this is one of the few exceptions to the rule on past consideration. Suffering loss or detriment is valid consideration. Impossible or illegal acts are not valid consideration.13、Where a party accepts part payment for a debt, they may at a later date request payment of the amount outstanding unless the other party provided extra consideration when making the part payment.Which TWO of the following are valid extra consideration for part payment of a debt?(1) Payment in the form of goods rather than cash(2) Payment by a third party rather than the debtor(3) An intention by the debtor to be legally bound by the part payment(4) A guarantee by the debtor to make the payment on the date agreed in the contractA1 and 2B1 and 4C2 and 3D2 and 4答案解析：For the extra consideration to be valid, the creditor must become entitled to something that they arenot already entitled to. In this case, goods rather than cash and payment by a third party are validexamples. A guarantee of payment and payment on time are not valid as extra consideration becausethe creditor is already entitled to them.14、 Which of the following statements regarding consideration is correct?APerformance of an existing legal obligation is valid consideration for the promise of additionalrewardBPerformance of an existing contractual duty is sufficient consideration for the promise of additional rewardCPerformance of an existing contractual duty to a third party is sufficient consideration for the promise of additional rewardDPerformance of an extra service in addition to an existing contractual duty is not sufficient consideration for the promise of additional reward答案解析：The performance of an existing contractual duty is not sufficient consideration for the promiseof additional reward unless an additional service is also provided, or if the duty is providedto a third party instead.15、 Which of the following statements concerning privity of contract is correct?APrivity of contract means only parties to a contract may sue on itBPrivity of contract is not subject to regulation by statuteCThere are no exceptions to the rule of privity of contractDPrivity of contract is only enforceable on commercial contracts答案解析：Privity of contract means that only parties to a contract may sue on it. The Contracts (Rightsof ThirdParties) Act 1999 is a source of regulation. There are exceptions to the rule of privityl Which of the following statements concerning the Contracts (Rights of Third Parties) Act 1999is correct?AThe third party need not be expressly identified in the contractBThe third party need not be in existence when the contract was formedCThe Act confers rights to third parties under a company’s constitutio nDThe Act confers rights to third parties under employment contracts答案解析：Third parties need not have been in existence when the contract was formed but must be expressly。
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ACCA考试审计科目模拟测试（4）本文由高顿ACCA整理发布，转载请注明出处Financial Management1 (a) Weighted average cost of capital (WACC) calculationCost of equity of KFP Co = 4·0 + (1·2 x (10·5 – 4·0)) = 4·0 + 7·8 = 11·8% using the capital asset pricing modelTo calculate the after-tax cost of debt, linear interpolation is neededAfter-tax interest payment = 100 x 0·07 x (1 – 0·3) = $4·90Year Cash flow $ 10% discount PV ($) 5% discount PV ($)0 Market value (94·74) 1·000 (94·74) 1·000 (94·74)1 to 7 Interest 4·9 4·868 23·85 5·786 28·357 Redemption 100 0·513 51·30 0·711 71·10––––––––––(19·59) 4·71––––––––––After-tax cost of debt = 5 + ((10 – 5) x 4·71)/(4·71 + 19·59) = 5 + 1·0 = 6·0%Number of shares issued by KFP Co = $15m/0·5 = 30 million sharesMarket value of equity = 30m x 4·2 = $126 millionMarket value of bonds issued by KFP Co = 15m x 94·74/100 = $14·211 millionTotal value of company = 126 + 14·211 = $140·211 millionWACC = ((11·8 x 126) + (6·0 x 14·211))/140·211 = 11·2%(b) (i) Price/earnings ratio methodEarnings per share of NGN = 80c per sharePrice/earnings ratio of KFP Co = 8Share price of NGN = 80 x 8 = 640c or $6·40Number of ordinary shares of NGN = 5/0·5 = 10 million sharesValue of NGN = 6·40 x 10m = $64 millionHowever, it can be argued that a reduction in the applied price/earnings ratio is needed as NGN is unlisted and thereforeits shares are more difficult to buy and sell than those of a listed company such as KFP Co. If we reduce the appliedprice/earnings ratio by 10% (other similar percentage reductions would be acceptable), it becomes 7·2 times and thevalue of NGN would be (80/100) x 7·2 x 10m = $57·6 million(ii) Dividend growth modelDividend per share of NGN = 80c x 0·45 = 36c per shareSince the payout ratio has been maintained for several years, recent earnings growth is the same as recent dividendgrowth, i.e. 4·5%. Assuming that this dividend growth continues in the future, the future dividend growth rate will be4·5%.Share price from dividend growth model = (36 x 1·045)/ (0·12 – 0·045) = 502c or $5·02Value of NGN = 5·02 x 10m = $50·2 million(c) A discussion of capital structure could start from recognising that equity is more expensive than debt because of the relativerisk of the two sources of finance. Equity is riskier than debt and so equity is more expensive than debt. This does not dependon the tax efficiency of debt, since we can assume that no taxes exist. We can also assume that as a company gears up, itreplaces equity with debt. This means that the company’s capital baseremains constant and its weighted average cost ofcapital (WACC) is not affected by increasing investment.The traditional view of capital structure assumes a non-linear relationship between the cost of equity and financial risk. As acompany gears up, there is initially very little increase in the cost of equity and the WACC decreases because the cost of debtis less than the cost of equity. A point is reached, however, where the cost of equity rises at a rate that exceeds the reductioneffect of cheaper debt and the WACC starts to increase. In the traditional view, therefore, a minimum WACC exists and, as aresult, a maximum value of the company arises.Modigliani and Miller assumed a perfect capital market and a linear relationship between the cost of equity and financial risk.They argued that, as a company geared up, the cost of equity increased at a rate that exactly cancelled out the reductioneffect of cheaper debt. WACC was therefore constant at all levels of gearing and no optimal capital structure, where the valueof the company was at a maximum, could be found.It was argued that the no-tax assumption made by Modigliani and Miller was unrealistic, since in the real world interestpayments were an allowable expense in calculating taxable profit and so the effective cost of debt was reduced by its taxefficiency. They revised their model to include this tax effect and showed that, as a result, the WACC decreased in a linearfashion as a company geared up. The value of the company increased by the value of the ‘tax shield’ and an optimal capitalstructure would result by gearing up as much as possible.It was pointed out that market imperfections associated with high levels of gearing, such as bankruptcy risk and agency costs,would limit the extent to which a company could gear up. In practice, therefore, it appears that companies can reduce theirWACC by increasing gearing, while avoiding the financial distress that can arise at high levels of gearing.Time allowedReading and planning: 15 minutesWriting: 3 hours aALL FOUR questions are compulsory and MUST be attempted.Formulae Sheet, Present Value and Annuity Tables are onpages 6, 7 and 8.Do NOT open this paper until instructed by the supervisor. PDuring reading and planning time only the question paper maybe annotated. You must NOT write in your answer booklet untilinstructed by the supervisor.This question paper must not be removed from the examination hall.The Association of Chartered Certified Accountants更多ACCA资讯请关注高顿ACCA官网：。